South Korea's only casino that allows locals, Kangwon Land, recently announced a change in its top management. Choi Cheol-gyu has resigned as CEO, with Nam Heon-gyu appointed as the interim person in charge. Nam Heon-gyu will serve as the company's Vice President of Management Support and Executive Director starting from 2024, with his term lasting until June. He previously served as the Minister of Regulatory Reform Legal Affairs at the Ministry of Trade, Industry and Energy of South Korea. Simply put, it's a change in leadership, but the new boss is temporary and must wait for an official appointment to become permanent.
The leadership vacuum causes local anxiety, with political instability as the main reason
According to Korean News Weekly, the prolonged "leadership vacuum" at Kangwon Land has deeply frustrated the residents of the surrounding Gangwon Province. This resort, located in a former coal mining area, carries the hopes of boosting local tourism. The CEO Selection Committee was established as early as August 2024, but was stalled due to the brief declaration of martial law by former President Yoon Seok-youl, which led to political turmoil. The current Lee Jae-myung government is now responsible for personnel changes in government-owned enterprises like Kangwon Land. The Gangwon Province Revitalization Joint Committee urges the government to provide a roadmap for appointments soon, stating "if we wait any longer, the residents' anxiety will turn into anger."
K-HIT plan: A 2.5 trillion won gamble on "Korean Las Vegas"
Kangwon Land is advancing a major capital investment project called K-HIT, costing 2.5 trillion won (approximately 1.9 billion USD), aimed at upgrading the resort from a regional destination to a global one. The expansion plan will increase the casino area by 40%, with the number of gaming tables increasing from 200 to 250 and slot machines from 250 to 1610. More importantly, the betting limit for foreign players will be significantly raised from 300,000 won to 300 million won, a thousandfold increase. The project will also add new hotels, a large performance venue, commercial streets, and cultural wellness facilities. The operator hopes that by 2032, the number of foreign visitors will increase, and the non-gaming revenue ratio will rise from 13% to 30%. However, the future still seems distant—Kangwon Land's revenue in 2025 grew by 3.5% to 1.48 trillion won, but net profit fell by 30.7% to 316.52 billion won. Interested in the latest updates on Asian integrated resorts? PASA official website continues to follow.
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